Apartment Buildings in Rochester, NY

5 Replies

Hello-

I found a 30 unit apartment building with a potentially motivated seller.  I am in Rochester, NY.  I know sfh investing decently well. However, I do not know how to wrap my head around a million dollar deal.  Does anyone have experience in how to start the process?  Bank first?  Get the deal signed up first?  Thanks

@Martin Grizzanti I'm not the guy with the answer but I think it's awesome you've got that lead. Is your plan to syndicate or own it outright? What due diligence have you done? Is this off-market? I've done a couple off-market deals recently (SFR, duplex) and the seller and I pretty much agreed to terms before getting lawyers involved.

I'd love to follow your progress as I consider a 30-unit building the holy grail!

Michael Blank has a podcast that talks about investing in apartment buildings, you might want to check that one out.

I look forward to hearing about how you took this one down!

Hi Martin- that’s fantastic. I, unfortunately have not digested a property of that magnitude so I’ll also be following your progress. Off hand my gut says lock the deal up and then worry about closing it but I’m speaking out of turn with no experience. You can always seek investors. Plenty of people want in on a 30 unit building. Whichever your coarse is please let us know. Anxious to see how this plays out for you. Good luck.

@Martin Grizzanti Congrats on finding that! Don't let the shine of a massive investment sway your underwriting. Ehats your plan on the type of financing you want to get?

You may want to reach out to @Mark Updegraff that may be something in his scope. Also @Eric McQuistion works in the city. They may be able to at least point you in the right direction.

Good Luck!

Mike Cumbie, Real Estate Agent in NY (#10401285310)

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